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2024 update |PGA 3.0 Level 2| most recent |COMPLETE MOST TESTED QUESTIONS AND VERIFIED ANSWERS | (100% correct solutions)|GET IT A+ RIGHT!!$12.99
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10/30/24, 8:29 PM 2024 update |PGA 3.0 Level 2|2024-2025 most recent |COMPLETE MOST TESTED QUESTIONS AND VERIFIED ANSWER…
2024 update |PGA 3.0 Level 2|2024-2025 most
recent |COMPLETE MOST TESTED QUESTIONS
AND VERIFIED ANSWERS | (100% correct
solutions)|GET IT A+ RIGHT!!
Terms in this set (149)
"In practice, the retail operation must have a clear
understanding of its constituents and market in
How does the facility's order to establish a solid vision and set of values.
overall vision and core The overall facility profile can help solidify the retail
values help the retail operation's vision and establish core values that
manager? support the vision. Once completed, the vision and
core values guide the creation of all other aspects
of the retail operation business plan."
For which purpose are match its desired customer base
the facility's core values
and vision going to be
most useful to the retail
manager?
When making decisions regarding an exceptional
golf experience, customers may look at factors such
as value and the quality of the experience. Value is
defined as providing an experience that exceeds
What should increase in the price paid. The most determining factor in
the retail operation to creating an experience that exceeds customers'
add value? value is the level of customer service. The successful
retailer enhances the facility's image and value with
a "Customer First" culture that demands excellent
customer service from the staff while building
positive relationships with customers.
,10/30/24, 8:29 PM 2024 update |PGA 3.0 Level 2|2024-2025 most recent |COMPLETE MOST TESTED QUESTIONS AND VERIFIED ANSWER…
For what month is the June
End of Month Inventory
target for May the same
as the BOMI?
Equation: Beginning of Month Inventory (BOMI) +
The cost of goods sold New Inventory Purchased - End of Month Inventory
can be calculated if what (EOMI) at Cost = Cost of Goods Sold (COGS) in
other figures are known? dollars. Other figures needed are turnover rate and
average inventory.
What predicts the dollar OTB (open-to-buy)
value of the inventory
needed at the start of
each month to reach
monthly sales goals?
How much inventory do "A high turn rate means that less inventory must be
you need on hand to on hand to reach sales target, but inventory must be
reach the same sales replaced more often."
targets if the turnover
rate is higher than the
same period last year?
In addition to the When forecasting future sales, it is necessary to
previous year's sales analyze the previous sales volumes and determine
volume, what additional trends or patterns found in this historical data. It may
information is needed to be ideal to develop charts and graphs to
accurately forecast demonstrate the sales volumes from previous years.
sales?
How far in advance "Inventory levels should be built up one or two
should Inventory arrive months prior to strong forcasted sales, not in the
prior to the anticipation month where the strong sales are expected."
of sales?
The Golf Professional has $102,500
projected $310,000 in
annual merchandise
sales, $205,000 for cost
of goods sold, and a
turnover rate of 2
, 10/30/24, 8:29 PM 2024 update |PGA 3.0 Level 2|2024-2025 most recent |COMPLETE MOST TESTED QUESTIONS AND VERIFIED ANSWER…
What is the formula for Beginning of the month inv. Cost + New Inv.
Cost of Goods Sold Purchased - End of Month Inv. At cost - Cost of
(COGS)? goods sold in dollars.
In an open-to-buy plan, Operating Budget
the sales estimates and
the cost of goods
estimates come from
what other business
management tool?
The main purpose is to help the merchiander have
What is the main purpose
the correct level of merchisdise support the clubs
of an open-to-buy plan?
sales.
What information does The value of the goods that were sold and lost or
the cost of goods sold damaged at cost.
(COGS) provide for a
given period?
Why must golf To have a count for the availble merchanidise that
professionals forecast ready to be sold and to avoid over buying and
beginning of month having too much merchanidise.
inventory (BOMI)?
A high turn rate means that less inventory must be
on hand to reach sales targets, but the inventory
What is the likely result of
must be replaced more often. One turn consists of
a turnover rate that is too
using cash to purchase a product, selling that
high?
product, and reinvesting the cash to replace the
sold product.
A low turn rate may require more markdowns to
clear out stale merchandise. This cycle causes rising
COGS and a reduction of gross margin.Therefore, it
What is a result of a low
is necessary for the merchandiser to accurately
turn rate in the golf shop
determine the turn rates for each product line. Keep
merchandising
in mind that having a turn rate that is too high may
operation?
cause the shop to run out of a product, but one that
is too low means markdowns may be needed to
move product out of the shop
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